Shiba Inu Burn Rate Up 5,000% As Portal Releases Rewards

The amount of Shiba Inu SHIB/USD tokens burned surged 5,000% over 24 hours.

What Happened: According to data from shibburn.com, more than 12.7 billion SHIB tokens were burned.

The sharp increase in daily token burns comes after SHIB developers announced that the first set of rewards had been distributed to those who used the official ShibaSwap burn portal.

When users burn tokens through this portal, they will be awarded $burntSHIB which can now be redeemed for Ryoshi’s Vision RYOSHI/USD tokens.

These RYOSHI rewards will be locked for a period of time, so as to prevent the holders from selling their tokens immediately.

See Also: HOW TO BUY SHIBA INU COIN (SHIB)

Shiba Inu first released its own token burning portal in April and holders burned 8 billion SHIB within the first 24 hours of its launch.

At the time of writing, over 41 billion SHIB tokens had been burned and the rewards rate had an APR of 6.45%.

Price Action: According to data from Benzinga Pro, SHIB was trading at $0.0000123, down 1.99% in the last 24 hours.